A Fidelity insider is expected to be chosen by the middle of next year to replace Anthony Bolton, who will give up managing his fund and switch roles within the US firm in 2007. The insider will take over the management of one of the two retail funds into which Bolton's £5.4bn (€6.2bn) Special Situations fund will be divided next year.

The removal of half of Bolton's workload will enable him to delay his full retirement a further year.